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| Site / Contract | Location | MW Capacity | Counterparty | Contract Status | |
|---|---|---|---|---|---|
| Lake Mariner (Phase 1) | Somerset NY | 245 MW operational | Self-mining + Cofounders JV hosting | Operational since 2022; expansion underway | |
| Lake Mariner Phase 2 (expansion) | Somerset NY | +300 MW under construction | Self-mining + AI/HPC tenant capacity | Construction; partial energize 2026; full 2027 | |
| Lake Mariner Phase 3 (planned) | Somerset NY | +200 MW planned | AI/HPC tenant capacity (primarily) | Permitting + early construction; energize 2028 | |
| Nautilus Cryofacility (DIVESTED) | Salem Township PA | 50 MW BTM nuclear (no longer TeraWulf) | Sold to Talen Energy | TeraWulf sold its 25% Nautilus JV stake to Talen for ~$92M in Oct 2024; Talen now owns 100%. No longer a TeraWulf site or cost advantage | |
| Cofounders JV (Core42 + others) | Lake Mariner adjacent | 100 MW initial AI/HPC tenancy | Cofounders JV with Core42 (G42 subsidiary) | Operational tenant ramping 2025-2026 | |
| Total operational + contracted capacity | Lake Mariner (single site) | ~245 MW operational + Cofounders tenancy ramping + ~500 MW under construction + ~200 MW planned (excludes divested Nautilus) | Mix of self-mining + tenant hosting + AI/HPC | Trajectory toward 1+ GW total | |
| Editorial. Why this matters | Strategic context | TeraWulf exited its nuclear-powered Nautilus stake in Oct 2024 (sold to Talen), so the story is now Lake Mariner scale plus AI/HPC tenancy via the Cofounders JV. Marquee question: does Lake Mariner Phase 2 + 3 + Cofounders combined scale toward 1+ GW total capacity by FY2028 and does WULF cross $400M+ annual hosting + mining revenue by FY2027? |